Accounting firms, London exist for the purpose of providing accounting services to businesses. This can mean payroll, financial statements, taxes or financial planning. Financial statements highlight information about company operations – profit and loss, net earnings and revenue. As a business owner, it is important to manage financials efficiently and accurately in order to prevent accusations of fraud, financial mismanagement and jail visits.
Accounting firms relieve companies and their staff from the troubles and burdens of in-house bookkeeping and accounting, including your annual accounts. They provide full account preparation services.
Installation of payroll systems, preparing pay slip, dealing with PAYE and National Insurance deductions are completely managed by these firms in London.
Accounting firms help businesses to properly file their tax on time in order to prevent any future criminal proceeding against them. Advice on VAT planning and administration and help with completing VAT returns. Act as intermediaries for any disputes with the tax authorities.
Accounting firms helps in choosing proper auto enrollment scheme for the companies. They ensure that companies payroll scheme are in line with auto enrollment schemes and helps assisting the about the employees who fall under these schemes. Failure to comply might lead to an immediate fine of £400 which can escalate to daily fines of anything from £50-£10,000, depending on the number of staff you employ.
Preparation and electronic filing of statutory returns, preparation of all documentation related to minutes and resolutions, the form the business should take, sole trader, partnership, LLP, limited company, PLC. Auditing of accounts, acting as a trustees or executors, and planning of estate, personal tax and retirement strategies are some of the additional services provided by firms.